Foreclosure in 48228>Question Details

Watts Holdin…, Other/Just Looking in

how do the mortgage or the credit squeeze affects me as buyer now.?

Asked by Watts Holdings, Sat Oct 27, 2007

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Well....the availability of funds from lenders is less than it has been in the past. Add to that the number of foreclosures that banks are carrying and you can understand why lenders are tightening up the criteria for lending money. Lenders are asking for more and more documentation to make sure that borowers have the availability to pay.

The bottem line? There are still good loans available. You need to look for an EXPERIENCED lender to guide you through the process. You may have to do a bit more work on you end to prove your credit worthiness, but in the end, this protects your interest as well as the lenders.

Good luck...it's a great time to buy!
Web Reference: http://www.cindihagley.com
2 votes Thank Flag Link Sat Oct 27, 2007
Cindi Hagley, Real Estate Pro in Pleasanton, CA
MVP'08
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I haven't had a buyer turned down for a loan yet this year. Don't let the media scare you out of a great buying opportunity. Work with a reputable loan officer and if you don’t qualify they'll let you know what you need to do so you will in the future.
Michael
0 votes Thank Flag Link Sun Oct 28, 2007
Hi Watts,

If you do things right - document where money comes from, where money goes, how much you save, you will be in good shape. The things that always exist that you should be aware of is your debt-to-income ratio, credit score, and income & reserves. Many of the 100% financing programs have gone away, so be prepared to pay a downpayment. If these funds are coming from another source (parents, friends, etc.), make sure your loan officer knows now, and not as things get closer to closing.

Before submitting any offers, have a realtor do a CMA for the property so you understand where the values are in the area. I stress planning and education with my buyers. Once you understand what you have to do, then you can execute a plan to make it happen.

It's a great time to buy!
0 votes Thank Flag Link Sun Oct 28, 2007
You need to have great credit or you will be subject to hard money for home laons. That's the market we are in. Can I answer any more questions for you?
0 votes Thank Flag Link Sat Oct 27, 2007
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